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Crane Corp. sells its goods with terms of 4/16 EOM, net 60. What is the implicit cost of the trade credit? (Do not round intermediate

Crane Corp. sells its goods with terms of 4/16 EOM, net 60. What is the implicit cost of the trade credit? (Do not round intermediate calculations. Use 365 days for calculation. Round answer to 2 decimal places, e.g. 12.25%.) The implicit cost of the trade credit is _____ %.

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